Interest Expense

Components of interest expense include the following:

		Years Ended March 31,
		2017		2016		2015
		(In thousands)
Interest expense	$	106,221	$	85,404	$	80,905
Capitalized interest		(4,863)		(3,623)		(1,204)
Amortization of transaction costs		3,445		3,235		3,495
Interest expense resulting from derivatives		8,603		12,699		14,329
Total interest expense		113,406		97,715		97,525
Write-off of transaction costs related to early extinguishment of debt		499		–		298
Fees on early extinguishment of debt		–		–		3,783
Fees and amortization on early extinguishment of debt		499		–		4,081
Total	$	113,905	$	97,715	$	101,606

Interest paid in cash, including payments related to derivative contracts, amounted to $113.7 million, $95.1 million and $95.0 million for fiscal 2017, 2016 and 2015, respectively. In addition, during fiscal 2015, we paid $3.8 million of fees associated with the early extinguishment of debt.

Interest Rates

Interest rates and our revolving credit borrowings were as follows:

		Revolving Credit Activity
		Years Ended March 31,
		2017		2016		2015
		(In thousands, except interest rates)
Weighted average interest rate during the year		1.83%		1.67%		1.70%
Interest rate at year end		2.06%		1.82%		1.65%
Maximum amount outstanding during the year	$	597,000	$	347,000	$	232,000
Average amount outstanding during the year	$	477,888	$	237,372	$	187,004
Facility fees	$	158	$	201	$	336